New Acquisitions Boost Newcap Revenue For First Quarter
April 30, 2015 at 5:44 AM (PT)
NEWCAP first quarter revenue rose 25% year-to-year to C$35.5 million, boosted by the acquisition of stations in TORONTO, VANCOUVER, and SAINT JOHN as of the end of first quarter 2014.
Same-station revenue fell 2%; the newly-acquired stations added a 17% gain to the numbers. Profit rose from a loss of C$3.2 million in first quarter 2014 to a gain of C$2.5 million (-11 cents to +9 cents per share), also due to the addition of the new stations (Adult Hits CHBM (BOOM 97.3) and Top 40/Rhythmic-Classic Hip Hop CFXJ (93.5 FLOW)/TORONTO, Hot AC CKZZ (VIRGIN RADIO 95.3), Classic Hits CHLG (LG 104.3), and Adult Standards CISL-A/VANCOUVER, and Classic Rock CHNI (ROCK 88.9)/SAINT JOHN, NB).
National revenue was flat for the quarter, with local down 2%; however, CALGARY (14%), CHARLOTTETOWN (9%), and rural ALBERTA (3%) exhibited growth.
"We are pleased with the double-digit growth in revenue and EBITDA this quarter. While this is largely due to the financial results from our business expansion, organically we have also posted positive EBITDA growth which is an improvement over 2014", said President/CEO ROB STEELE. "This quarter started out slow for most businesses in CANADA, but beginning in FEBRUARY we began to see positive trending in national revenue for the first time in many months and we are hopeful this will be a trend for the rest of the year."